Oi (OIBR3; OIBR4): the administrator of the judicial reorganization submits a list of creditors to the Court

The judicial administrator of the judicial reorganization (RJ) of Oi (OIBR3; OIBR4) presented Monday evening to the court the general list of creditors (QGC) of the company (27). At the end of March, Judge Fernando Viana, of the 7th Commercial Court of Rio de Janeiro, had granted an additional 60 working days for the presentation of the document and the delivery period would end this Monday.

With the list of creditors in hand, the judge will be able to prepare the sentence for the conclusion of the judicial reorganization of the company. The lawyer Adriana Conrado Zamponi, of Wald Advogados, judicial administrator of Oi, explains that justice will now open an opinion on the process to the public prosecutor, who must express their opinion on the report presented.

“After that, the judge will prepare the sentence, but there is no fixed deadline. And given the volume of the process, the development of this sentence does not happen overnight. He will probably need time to prepare.

According to her, since the company entered receivership in 2016, the number of incidents recorded on the online platform for negotiations with creditors has reached more than a thousand per month.

“At the time he requested the takeover, Oi had over 500,000 shares,” he explained, and they kept coming. By extending the deadline for submission of creditors, the judge determined that the e-commerce platform should be shut down.

Why did the company go into receivership?

With public incentives and cash, Oi made several acquisitions that created “super TV”, but jeopardized its financial health. Analysts said the super TV idea held promise, as Oi dominated much of the country. The problem was debts, which grew exorbitantly due to acquisitions and drained the company’s cash.

In September 2016, with a debt of 65 billion reais, Oi had its receivership plan approved, the largest ever seen in Brazil to date. During the meeting, it was defined that the business would be divided into four parts: towers, mobile assets, data center and optical fiber.

On April 20, the company completed the sale of mobile assets to Tim (TIMS3), Vivo (VIVT3) and Claro.

With the closing of the transaction, the buyers made the cash payment of 14.5 billion reais.

On June 10, the company announced that the closing of the partial sale of the fiber optic unit InfraCo – or V.tal – to the funds of BTG Pactual (BPAC11), together with Globenet Cabos Submarinos, was completed. The new investors thus take control of the operation.

The company has strong growth potential, according to analysts. By replacing copper cabling with fiber optics, Nova Oi is betting on building a neutral network – a structure that can also be used by other operators.

V.tal, which focuses on wholesale, will provide fiber infrastructure to these carriers and ISPs. This branch of Oi promises to play an important role in bringing 5G to mobile operators.

With the release of the judicial reorganization, the shares of Oi will be able to be accessible to investment funds prevented from investing in companies of RJ. Newspapers will also be able to enter stock market indices.

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